Buying Affordable Life Insurance Over 50 with Pancreatitis

Pancreatitis impacts nearly 100,000 American adults each year. It is estimated 80,000 are cases of acute pancreatitis and 20,000 are cases of chronic pancreatitis.

All cases of pancreatitis are important to life insurance companies, no matter the classification.

However, being over 50 with pancreatitis doesn’t mean you will be completely out-of-luck when it comes to buying affordable life insurance.

Each individual is impacted by pancreatitis in a specific way.

Therefore, insurance carriers will obtain as much information as possible to complete an accurate assessment.

Pancreatitis itself won’t discourage an insurance carrier from offering you a life insurance policy.

The cause of the pancreatitis and the impact it’s had on your health is where insurance carriers will focus.

Before you even reach the application stage, we should first have a conversation about your health, lifestyle, and budget.  From our discussion I will be able to match you with the best policy for your unique needs.

You can also help yourself secure a cheap life insurance policy by being prepared.

Knowing what to expect from the application process will make everything move along rather smoothly.

To help you get ready for purchasing life insurance, I’ve put together some basic information below.

So please take a look to better understand what it’s like to buy life insurance when you’re over 50 with pancreatitis.

Possible Results When Buying Life Insurance with Pancreatitis

Applying for a typical term or whole life insurance policy means having to disclose all aspects of your life including medical history and lifestyle choices (i.e. tobacco and alcohol use, hobbies, occupation, driving record).

Your pancreatitis diagnosis is only a portion of the evaluation when it comes to a life insurance rating.

Obviously we I can’t guarantee the final outcome of your application.

Yet I can give you examples of common rate classes assigned to people over 50 with pancreatitis.

Typical Outcomes for Applicants with Pancreatitis

A Preferred Rating is reserved for those individuals with one acute pancreatitis attack that has resolved and shows no lasting impact. The attack should have taken place at least 2 years ago or longer.

Of course, this individual would also need to be in largely excellent health, a non-smoker, and with very low overall risk.

Remember, each life insurer has a different perspective and the majority will not approve an applicant with pancreatitis at a Preferred Rating.

However, it is possible and is just not likely.

A Standard Rating is generally the highest rating an applicant with pancreatitis may expect to receive.

The Standard Rating is normally reserved for individuals with acute pancreatitis prompting only one or two attacks.

The cause of the acute pancreatitis should be something benign, like gallstones, and it should be completely absolved for several weeks.

The longer it has been since the acute attack occurred the better.

The life insurer will want to be sure the applicant’s organs are not damaged as a result of the pancreatitis attack(s).

If there is organ damage, the type and extent will probably move the applicant down to a Sub-Standard (aka Table Rating).

Each level of a Table Rating represents about a 25% premium increase above the Standard Rate. Many insurers have 16 levels to their Table Ratings.

Sub-Standard (aka Table Rating) will generally be given to those applicants with recent recurrences of pancreatitis, or with significant organ damage caused by pancreatitis.

For those people diagnosed with chronic pancreatitis, the underlying cause of their illness will be reviewed closely.

The chronic health condition that’s creating the attacks and how well it is (or is not) being controlled will determine the level of their Sub-Standard (aka Table Rating).

Postponing the Life Insurance Application

There are certain circumstances for which the life insurer will decide to postpone the application.

Being postponed is not the same as a flat decline. It simply means the insurance application is put on hold until the applicant’s condition improves or additional time has passed.

Many insurance companies will require an applicant be asymptomatic for at least one year before proceeding. After the twelve months is up, the applicant may then qualify for a Standard Rating.

Those people with acute pancreatitis resulting in multiple attacks will come under the watchful eye of the life insurer.

The carrier may assume the acute pancreatitis is caused by alcohol abuse and postpone the application for 1 to 2 years.

If alcohol abuse is eliminated as the cause of pancreatitis, the life insurance company will typically proceed with a Standard Rating.

Will Pancreatitis Result in a Life Insurance Decline?

Remember, it is rare for a life insurer to deny coverage completely because of pancreatitis. There are usually multiple high risk factors that result in a decline.

Please don’t waste any time worrying about being turned down for life insurance!

If you were to be declined there are still alternative life insurance options for you to consider, namely a final expense life insurance or a guaranteed acceptance life insurance.

Neither of these types of life insurance policies necessitate an extensive medical review.

In exchange for skipping a cumbersome evaluation, the applicant will pay much higher premiums.

In the case of guaranteed acceptance life insurance the  insurance carrier is providing the security of coverage without knowing the full extent of your insurability.

Application Questions for Over 50 with Pancreatitis

I put together a list of the most common questions regarding a pancreatitis diagnosis.

It is imperative that you always answer these questions truthfully.

Leaving out a detail here or there will not keep the insurance company from figuring out the real deal. Once an insurer catches you in a fib, it will be very challenging to secure a life policy.

Basic Application Questions

The easiest application questions are first and they require no explanation.

  1. What’s your age?
  2. What is your height and weight?
  3. What is your profession?
  4. Do you have any risky hobbies (i.e. skydiving or rock climbing)?
  5. Are you married or single?
  6. Do you use tobacco?
  7. Do you drink alcohol? If so, how often and how much?

Tobacco users should plan to pay DOUBLE the premium of a non-smoking peer. 

Pancreatitis Application Questions

The insurance carrier wants to determine how your pancreatitis has affected your health. They also want to be sure you are doing everything possible to follow your doctor’s orders and get your condition under control.

The insurance company will consider:

  1. What is the date of your original diagnosis?
  2. What is the cause of your pancreatitis?
  3. Is your pancreatitis classified as chronic or acute?
  4. Do you currently have pancreatitis?
  5. What are the date(s) of your attacks?
  6. Do you currently use alcohol? If so, how often do you consume alcohol?
  7. Have you made any lifestyle changes since your diagnosis?
  8. What was/is the treatment plan prescribed for your pancreatitis?
  9. How frequently do you meet with your doctor?
  10. Has your pancreatitis caused you to miss work? How frequently?
  11. Do you have any other chronic medical conditions like high blood pressure or high cholesterol?
  12. Has your pancreatitis caused chronic conditions, like diabetes or kidney disease?
  13. Have you experienced any complications or long-lasting effects from pancreatitis?
  14. Do you take any medications because of your pancreatitis?
  15. Have you been hospitalized or had surgery because of your pancreatitis?
  16. Do you have a family history of acute or chronic pancreatitis?

Possible Medical Exam

Many traditional life insurance policies will require a medical exam.  However, quite a few do not require a medical exam.

If you qualify for a no exam policy I will be sure to let you know.

If you do need to take a medical exam, the life insurance company will coordinate a skilled medical specialist (usually a nurse) to perform the exam.

You will submit urine and blood samples. The nurse will also assess your vital signs such as height, weight, blood pressure, and pulse.

The insurance company will include all the results from this medical exam in their final assessment of your application.

Time to Get Covered

Pancreatitis is definitely a challenging diagnosis but should not be a deterrent to obtaining a reasonably priced life insurance policy.

Thousands of Americans, like yourself, experience pancreatic attacks and still secure life insurance.

Pancreatitis may not be life-threatening but it can come with complications such as organ damage or diabetes.

So life insurers want to take the extra time to do a thorough review of your medical records to accurately assess your risk.

No worries!

I am here to help you get the best insurance policy for you and your family.

Take a minute to fill out our online form if you like and you will receive an  instant quote, or go ahead and give me a call. You will be doing your family a great service!